January 28, 2013. On January 24, 2013, a cooperation memorandum was signed by the Republic of Bashkortostan and the founders of Honghua Group CIS: Uralvagonzavod Scientific & Production Corporation, VTB Leasing, and Sichuan-based Honghua Group. The signature took place within the framework of Uralvagonzavod Corporation’s Director-General Oleg Sienko’s business trip to Bashkortostan, the corporation’s press service reports.

The two parties will work on setting up a drill-rigs manufacturing enterprise; the rigs will be meant for exploring and developing oil and natural gas deposits. What is more, the corresponding maintenance facilities will also be created with the help of Bashkortostan’s existing resources.

Under the framework of this project, Honghua Group will locate its production facilities on the premises of Vytyaz Machine-Building Corporation (a member of Uralvagonzavod Scientific & Production Corporation) in Ishimbay. At the moment, the engineering design for the production and the launch of the building jobs are being prepared.